December 2, 2011

Millbrae Condo Dreamin’

Let’s visit Millbrae again, because it needs some Burbed love.  Simply mentioning it in passing because its zip code was the 366th most expensive in the county will not do for keeping Millbrae in our sights.

Fortunately, Burbed Reader Paul has found us a wonderful wishing price washout, showing what happens when sellers expect a particular price and the market fails to comply.  Thanks very much, Paul!

1388 BROADWAY #186, Millbrae, CA 94030


SQ. FT.: 1,147
$/SQ. FT.: $522
PROPERTY TYPE: Condominium
STYLE: Contemporary
STORIES: 1-3 (Low Rise)
VIEW: Neighborhood
COUNTY: San Mateo
MLS#: 81141887
STATUS: Active
ON REDFIN: 61 days

Sophisticated living in the heart of Millbrae. Built in 2009, this Garden Level 2br/2ba condo offers approx 1147 sqft of living space. The gourmet kitchen is decked out with beautiful granite counter tops and backsplashes and a myriad of energy-efficient features. The interior is spacious and full of light. Common areas include multiple landscaped courtyards, a spa, barbeque area, & gym.

imageWhen Paul first sent this listing in, the asking price was $628,000, so after a month, with great trepidation, the sellers decided to cut the price all the way to… $615,000.  This did not lead to a packed Open House, flyers going through windows, and overbidding bringing offering prices right where they need to be.  So our dauntless sellers, guided by their brilliant and knowledgeable agent, took another deep (2.5%) price cut to the bone!  $599K!

Here’s how Paul described it:

Hey, the folks just down the street at 151 El Camino are selling new units in the $600s—we should get AT LEAST as much! Just because we bought near the market peak doesn’t mean we can’t walk with $100k of profit today! And besides, we have 2 parking spaces to their 1 (which you’ll need because it’s too far to walk to BART).

imageI chatted with the agent and he confirmed that the sellers were pretty clear on the price they wanted to list at… best of luck to them. Maybe they find a willing victim in the low $500s?

Paul should have mentioned that the $525,000 sale was in 2009.  Everyone knows that was a market low, and it’s completely reasonable to expect a $100K $74K profit from the year the credit dried up.

Also I really like this picture of the kitchen, with the mid-oughties trifecta of granite, stainless, and hardwood (or at least Pergo).

Comments (7) -- Posted by: madhaus @ 5:09 am

7 Responses to “Millbrae Condo Dreamin’”

  1. SEA Says:

    45 Spruce St is not far away:

    Current listing price is $334k (went pending when it was listed at $290k, but back on the market at $336k. $334k is the result of the massive $2k listing price reduction.)

    “Nov 17, 2006 Sold (Public Records) $618,000”

    In the listing there is a comment:

    “Status Comments: buyer back out”

    Given that 45 Spruce St has been on the market for 168 days, over 90 at the current asking price (including the extra $2k), how long until it’s actually sold?

    Does the seller of today’s featured property think he is in the RBA, while nearby properties are going down in value by about 50%?

    I guess it all comes down to whether one wants to live in a property that went down in value. Would you want to live in a property that went down in value by 50%+, or would you rather live in a property that recently doubled in value? It’s all about the RBA, baby!

  2. The Gilroy Alex Says:

    A half a mill to live in a complex that will become slumpartments in a few years?

    Think hoopties, screaming babies, graffitti, cabbage cooking, and needing to “pack heat”.

    No, thanks!

  3. Al Says:

    45 Spruce–is that a house or a garage? wow! “buyer backed out.” DODGED A BULLET THERE.

  4. nomadic Says:

    $2200 P&I, $300 HOA, ~$750 taxes… so, call it $3250/month to live in a condo the size of an apartment. Plus the opportunity cost of the down payment. No, thank you.

  5. * Says:

    $360k price increase in under 1 month!
    that’s $4.3M per year!

    Nov 23, 2011 Listed (Active) $898,000
    Nov 19, 2011 Listed (Active) $898,888
    Sep 30, 2011 Sold (Public Records) $640,000

    getting rid of the lucky 8s from the 11/19 price means this listing will die a horrible death, or maybe just the flipper will die a horrible death.

  6. * Says:

    i can’t subtract:( the flip took two months, not one.

  7. Scott Says:

    Speaking of hoopties

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